Question
Garrett Gibbons is an unmarried person who is 74 years old. He has the following income during 2021: Fully taxable pension $27,000 Interest from First
Garrett Gibbons is an unmarried person who is 74 years old. He has the following income during 2021:
Fully taxable pension | $27,000 |
Interest from First Bank | $2,000 |
Taxable portion of Social Security Benefits (in other words, don't calculate this!) | $7,900 |
He has no Adjustments to Income and his itemized deductions are $4,500.
What is Garrett's Income Tax Liability for 2021?
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Intermediate Accounting
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